2024 United States Hispanic Chamber of Commerce Policy Platform

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

A Letter f rom Our President & CEO

RAMIRO A. CAVAZOS President & CEO United States Hispanic Chamber of Commerce 2

The United States Hispanic Chamber of Commerce (USHCC) was founded on the notion that the success of the American economy is directly linked to the success of the Hispanic business community. When Americans work together to create prosperity for our Hispanic entrepreneurs and our workforce, the entire country benefits economically. Our Board of Directors and professional team are proud to represent the dynamic innovation and entrepreneurial spirit of America’s Latino/a small business community.

Despite the economic contributions of the Hispanic community, HBEs face disproportionate barriers that create challenges to starting, running, capitalizing, and scaling a business. If Hispanic-owned businesses were given the opportunity to scale at the same level as non-minority-owned businesses, there would be an additional $1.47 trillion contributed to the American economy, larger than the annual GDP of countries like Australia, Spain, Mexico, and Saudi Arabia.

The USHCC is committed to closing the opportunity gap for the betterment of the American economy by expanding access to capital, providing small business technical assistance, creating procurement matchmaking opportunities, leading innovative programs, empowering our network of more than 260 local chambers, and advocating for more resources for businesses to be able to scale.

CAPITAL – Expanding equitable access to capital through traditional and innovative partnerships, CAPACITY – Building capacity through programming, training, and new grant investments, and CONNECTIONS – Establishing connections through matchmaking, procurement, and advocacy.

We will strengthen our collective voice as America’s largest Hispanic business organization to advocate for equity and a seat at the decisionmaking tables in the U.S. Congress, Administration, and America’s largest corporations on behalf of our Latino community. We as a nation must continue to expand access to capital, education, and procurement opportunities to unleash the potential of the Hispanic community.

The USHCC is an American institution that will continue to be a powerful voice to secure the best interests of Hispanics who built this country, which we love, and will demand a seat at every table of power. America’s Hispanic business community and fast-growing consumer spending represents the economic engine that will fuel our future economy, the largest of any nation in the world today.

On behalf of the Hispanic business community, we look forward to working in close partnership with our corporate partners, private sector stakeholders, elected leaders, and government officials to build a stronger minority business ecosystem and further evolve America’s economic vibrancy.

Respectfully,

Ramiro A. Cavazos President & CEO United States Hispanic Chamber of Commerce

Letter f rom Our President & CEO

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2024 Pol i cy P l at form

The purpose of our 2024 USHCC Policy Platform is to concisely summarize the positions of the USHCC on the most important public policy issues that impact Hispanic Business Enterprises (HBEs) and the broader Hispanic community. In the United States, there are five million Hispanic-owned businesses that, together, contribute over $800 billion dollars to the U.S. economy each year. Hispanics are starting businesses at three times the rate of the general population, and Hispanic women start businesses at six times the national rate. Overall, Hispanics power the economy with a $3.2 trillion gross domestic product (GDP) and comprise almost 19 percent of the American workforce.1

Our vision at the USHCC is to be the leading voice to advance Hispanic business potential to drive our American economy. To this end, we have focused our advocacy on behalf of our Hispanic-owned businesses, Hispanic Chambers of Commerce, and Corporate Partner Members guided by our “Three C’s”:

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

TABLE OF CONTENT

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TOC

USHCC Board of Directors 08 USHCC Team 09 The Mission of the USHCC

10 POLICY AREA # 1: Hispanic Business Interests 11 USHCC Supports Ensuring Equitable Access to Capital for Hispanic Businesses 12 USHCC Supports More Equitable Access, Management, and Control for Hispanic Capital Providers 13 USHCC Supports Helping Hispanic Business Enterprises (HBEs) Leverage Federal Resources 14 USHCC Supports Improving the Affordability of Healthcare for Small Business Owners 15 USHCC Supports Helping Hispanic Business Enterprises (HBEs) Access International Markets

17 Advocating for Small Business as Part of the USMCA 18 USHCC Supports Utilizing AI Tools to Help HBEs and Hispanic Owned Businesses 19 USHCC Supports Minority Economic Development Programs

20 POLICY AREA # 2: Hispanic Community Interests 21 USHCC Supports Closing the Hispanic Wealth Gap 22 USHCC Supports Ensuring Access to an Excellent Education and Emphasizing STEM Careers 24 USHCC Supports Building a Diverse and Inclusive Workforce 25 USHCC Supports Increasing Access to Affordable and Quality Healthcare

26 USHCC Supports Advancing the Health of the Hispanic Workforce

36 USHCC Supports Developing Access to Secure Technological Infrastructure

27 USHCC Supports Prioritizing Immigrants as an Economic Imperative

37 USHCC Supports Innovation and Privacy in the Data Economy

29 USHCC Supports a Compassionate and Economical Approach to Border Security Using Technology

38 USHCC Supports Developing Communications Infrastructure and Removing Barriers to Broadband Deployment

30 USHCC Supports Continuing and Strengthening Policies Regarding Deferred Action for Childhood Arrivals (DACA) and Temporary Protected Status (TPS) 31 USHCC Supports Investing in Economic Development for Puerto Rico’s Rebuilding Efforts

39 USHCC Supports Improving Energy Infrastructure

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16 USHCC Supports Strengthening International Trade Relations that Provide more opportunities to Hispanic Business Enterprises (HBEs)

40 USHCC Supports Policies that Promote Environmental Sustainability 42 Racial Equity: Supporting Equity for Underrepresented Communities

32 USHCC Supports Latina Empowerment

34 POLICY AREA #3: Broader Hispanic Interests 35 USHCC Supports Investing in American Infrastructure

TOC

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USHCC

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

Board of Directors

NELSON REYNERI JR.

JACQUELYN PUENTE

ALICE RODRIGUEZ

RAUL F. SALINAS

RAMIRO A. CAVAZOS

VICTOR ARIAS

CARLOS A. BECERRA

ERNIE C’DEBACA

YURI CUNZA

JAIME DI’PAULO

REUBEN FRANCO

SIL GONZALES

Chair Director Strategic Alliances & Policy NRG Energy

President & CEO United States Hispanic Chamber of Commerce

President & CEO Nashville Area Hispanic Chamber of Commerce

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Chair-Elect Vice President, External Affairs Comcast NBCUniversal Telemundo

Managing Director & Partner in Charge DFW Office Diversified Search Group

President & CEO Illinois Hispanic Chamber of Commerce

USHCC Board of Directors

Immediate Past Chair of the Board Retired Executive JP Morgan Chase & Co.

Vice President, Strategy & Operations Support Toyota Financial Services

President & CEO Orange County Hispanic Chamber of Commerce

General Counsel Partner-in-Charge Frost Brown Todd

President & CEO Albuquerque Hispano Chamber of Commerce

President Gresham Auto Group, Inc

USHCC

Board of Directors

PATTY JUAREZ

RACHEL KUTZ

JUAN CARLOS LISCANO

Vice President/General Manager Sales & Distribution Northwest States AT&T

Vice President Miami, the Caribbean & Latin America American Airlines

ROBERT MARTINEZ

ROSA NAVEJAR

MAYRA PINEDA

CHRISTINE RICE

JENNIFER RODRIGUEZ

YAMMEL SANCHEZ-OCANA

CESAR VARGAS

Head of Hispanic/Latino Affairs Diverse Segments, Representation, & Inclusion Team Wells Fargo

President The Rios Group, Inc. (TRG)

Executive Director Global Procurement Merck Sharp & Dohme

President & CEO Hispanic Chamber of Commerce Louisiana

Executive Vice President VisionIT

Founder & CEO Braven Agency|SMRTS

President & CEO Greater Philadelphia Hispanic Chamber of Commerce

U.S. Chief External Affairs Officer Anheuser-Busch

USHCC Board of Directors

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USHCC

TEAM

RAMIRO A. CAVAZOS

SYNTHIA R. JARAMILLO

EVELYN BARAHONA

FELIPE E. UGALDE

ANTHONY J. HINOJOSA

JESSICA C. CORONADO

JESSICA CAVAZOS

JESSI ACUÑA

ERICA SALINAS

CRISTIAN CHAPA

VERONICA DE LA TORRE

LAURA SOSA

MONICA A. GARZA

SANTIAGO SALAS-OLIVA

MARIA FERNANDA SIERRA

JENNIFER BARILLAS

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

President & CEO

Vice President, Government & International Affairs

Senior Manager, Finance & Administration

Manager, Procurement

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USHCC Team

Senior Vice President, Corporate Relations

Director, Operations & Board Liaison

Director, Corporate Relations

Manager, Government & International Affairs

Senior Vice President, Educational Fund

Vice President, Chamber Relations

Senior Manager, Communications

Project Manager

Chief Operating Officer

Director, Communications & Marketing

Senior Events Manager

Associate Manager, Hispanic Business Enterprises

5 million Hispanic-owned Businesses

$800 billion in economic impact annually

63.5 million Latinos/as live in United States

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THE MISSION AND VISION OF THE UNITED STATES HISPANIC CHAMBER OF COMMERCE The Mission of the United States Hispanic Chamber of Commerce (USHCC) is to build an ecosystem to accelerate Hispanic business growth and prosperity.

The Vision of the United States Hispanic Chamber of Commerce (USHCC) is to be the leading voice to advance Hispanic business potential to drive our American economy.

The United States Hispanic Chamber of Commerce (USHCC) actively promotes the economic growth, development, and interests of more than five million Hispanic-owned businesses, that combined, contribute over $800 billion to the American economy every year. It advocates on behalf of its national network of more than 260 local chambers of commerce and business associations nationwide, and partners with hundreds of major corporations.

USHCC

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Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

Hispanic Business Interests

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FOCUS AREA #1: Hispanic Business Interests

USHCC SUPPORTS

ENSURING EQUITABLE ACCESS TO CAPITAL FOR HISPANIC BUSINESSES 2024 Pol i cy P l at form

Gaining access to capital poses a significant hurdle for SME business owners, with 90% of small business proprietors in the United States feeling that the lack of capital access hampers their success.2 Major banks approve less than a fifth of loan requests from these owners, leading them to resort to riskier funding practices.3 The challenge intensifies for minority business owners.

In 2020, a U.S. Federal Reserve Bank study revealed that Latino and Black-owned businesses were less than half as likely as White-owned firms to receive full approval for loan applications. Interestingly, Latino and Black-owned businesses with low credit risk had similar approval rates for loans as White-owned businesses with medium- and highcredit risk.4 It is crucial for all capital providers to commit to equitable debt and equity investments, irrespective of race, gender, sexual orientation, or disability. The USHCC advocates for inclusive capital solutions, aiming to promote both debt and equity investments for Hispanic Business Enterprises (HBEs).

USHCC MISSION The USHCC is dedicated to ensuring that all financial institutions invest impartially to support every minority community, holding them accountable for fair practices.

Additionally, the USHCC firmly advocates that positive reforms can enable financial institutions to pursue lucrative investments while adhering to the Community Reinvestment Act (CRA) requirements. Initiatives like crediting loans to entrepreneurs in Opportunity Zones provide banks with diverse investment options, significantly benefiting Hispanicowned businesses. The pursuit of equitable access to capital stands as a pivotal aspect of the USHCC’s mission.

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Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

USHCC SUPPORTS

MORE EQUITABLE ACCESS, MANAGEMENT, AND CONTROL FOR HISPANIC CAPITAL PROVIDERS Accessing capital remains as complex for many Hispanicowned businesses today as it was half a century ago.5 Despite the presence of various capital providers such as large and small banks, Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), corporations, pension funds, insurance companies, credit unions, venture capital funds, growth capital funds (both debt and equity), angel investors, and other non-traditional providers, minority-owned businesses and financial institutions, as well as investment managers, continue to face limited access to capital compared to their non-minority counterparts, as reported by the Minority Business Development Agency (MBDA).6

USHCC MISSION Minority-owned businesses face a lower likelihood of loan approval compared to their non-minority counterparts, often deterred from applying due to fears of rejection, as highlighted

by MBDA findings.7 When approved, these businesses tend to receive lower loan amounts and face higher interest rates.8 Enhancing access to capital at reasonable interest rates is crucial for fostering the establishment and growth of businesses within the Hispanic community.

The Capital Savannah initiative by The Aspen Institute offers a comprehensive approach to understanding the diverse debt and equity capital needs across various sizes and life stages of Hispanic-owned businesses (HBEs). Catering to micro, small, mid-sized, and large businesses, it recognizes the importance of different capital mechanisms, including seed, venture, and growth capital (both debt and equity), which historically have been lacking for Hispanic businesses.

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While Hispanic capital providers possess unique qualifications to address the specific needs of HBEs, they encounter the Treasury and the U.S. Small Business Administration (SBA) present distinct chances to direct capital toward HBEs. Emphasizing the inclusion of Hispanic capital providers is vital, addressing historical oversights in recognizing their potential contributions. disproportionate challenges in raising capital. Despite their potential to support the growing capital needs of minority-owned businesses, these firms and Hispanic Financial Institutions face persistent obstacles in securing necessary funding.

Opportunities like the State Small Business Credit Initiative (SSBCI), the Emergency Capital Investment Program (ECIP), and the Small Business Investment Company (SBIC) program at the U.S. Department of

FOCUS AREA #1: Hispanic Business Interests

USHCC SUPPORTS

HELPING HISPANIC BUSINESS ENTERPRISES (HBEs) LEVERAGE FEDERAL RESOURCES 2024 Pol i cy P l at form

We encourage Hispanic business owners to engage in government initiatives and public-private partnerships that facilitate both capital access and effective capital management. Entities such as the U.S. Small Business Administration (SBA), U.S. Department of the Treasury, and the Minority Business Development Agency (MBDA) offer various programs beneficial to minority business owners.

The SBA provides avenues for small businesses to connect with reliable lenders, obtain an “SBA credit score” enhancing loan qualification, and benefit from streamlined processing for loans under $350,000.9 Regional Small Business Development Centers (SBDCs), some housed in Hispanic chambers of commerce nationwide, further support business development.

The U.S. Department of the Treasury offers access to microloans and flexible financing for small businesses.

Through the Community Development Financial Institutions (CDFI) Fund, the Treasury provides loans, financial services, and technical assistance tailored to underserved populations.

USHCC MISSION The provision of enhanced small business loans and additional economic opportunities equips Hispanic Business Enterprises (HBEs) with the necessary tools to scale their businesses. Dedicated governmental and other resources supporting Hispanics, including small business loans and grants, have played a significant role in fostering the growth of businesses initiated by Hispanic entrepreneurs.

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USHCC SUPPORTS

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

IMPROVING THE AFFORDABILITY OF HEALTHCARE FOR SMALL BUSINESS OWNERS It is crucial for Hispanic business owners to have access to affordable and quality healthcare. According to Small Business Majority, over 5.7 million small business employees or self-employed entrepreneurs are enrolled in federal healthcare under the Affordable Care Act (ACA).10 Two million entrepreneurs gained coverage through Medicaid Expansion.11 The ACA has helped small business owners provide insurance through the Small Business Healthcare Tax Credit (for firms with under 25 employees) and SHOP, the Small Business Health Options Program

(for firms with 25-50 employees).

Continuation and adequate funding of these programs are imperative, as without insurance, unexpected medical costs can potentially shut down a business.

making less than 400% of the Federal Poverty Level (FPL). These measures will enhance access to health coverage for small business owners and their employees facing affordability challenges.

Additionally, the USHCC supports extending the premium assistance provided by the American Rescue Plan, making healthcare more affordable for entrepreneurs. We advocate for increasing premium assistance for those eligible for premium tax credits and expanding subsidies to individuals

Lastly, the USHCC backs the passage of healthcare tax equity for the selfemployed, enabling freelancers to deduct their healthcare expenses from their FICA tax obligations, similar to other business entities.

USHCC MISSION The healthcare cost proves excessively burdensome for small business owners, leading many small employer firms to be unable to provide healthcare for employees. This situation forces them to hire part-time instead of fulltime workers. A Morning Consult poll released in December 2021 by the Small Business and Entrepreneurship Council (SBE Council) and the USHCC, examining the top concerns among small business owners, concluded that over nine out of ten identified Congress’ top healthcare priority as policies addressing the rising cost and diminishing coverage of health insurance. The healthcare cost burden is even more significant for minority business owners, who are less likely to own scaled businesses.

The combination of rising medical costs and poor social determinants of health often proves devastating to Hispanic Business Enterprises (HBEs).

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FOCUS AREA #1: Hispanic Business Interests

USHCC SUPPORTS

HELPING HISPANIC BUSINESS ENTERPRISES (HBEs) ACCESS INTERNATIONAL MARKETS Venturing into international markets unlocks growth opportunities unavailable within the United States alone. With over 95 percent of the world’s consumers residing outside the U.S. and two-thirds of global purchasing power situated in foreign countries, the potential is immense. However, accessing international markets poses challenges for small businesses. The USHCC advocates for federal programs and provisions within international

trade agreements aimed at assisting small businesses in exporting and navigating international markets.

The U.S. Department of Commerce and the Small Business Administration (SBA) provide online resources and guidance for small business owners venturing into exports. Furthermore, the Export-Import Bank of the United States (EXIM Bank) serves as a valuable resource for small businesses, offering financing solutions

to empower U.S. goods exporters. EXIM Bank resources, including export credit insurance, working capital guarantees, and guarantees of commercial loans to foreign buyers, are crucial tools facilitating access to foreign markets.

The USHCC encourages these federal agencies to actively engage Hispanicowned businesses that may be unaware of these valuable resources.

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USHCC MISSION HBEs have strong advantages when it comes to international business including cultural ties, the ability to speak more than one language, and networks outside of the United States.

Yet a report by the Minority Business Development Agency (MBDA) found that minority-owned firms accounted for a disproportionately smaller share

of exporters relative to their numbers, but exports accounted for a larger percentage of their receipts when compared to non-minority export firms.

Helping to reduce this disparity will improve economic outcomes, diversify markets, and connect HBEs to the global economy.

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USHCC SUPPORTS

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

STRENGTHENING INTERNATIONAL TRADE RELATIONS THAT PROVIDE MORE OPPORTUNITIES TO HISPANIC BUSINESS ENTERPRISES (HBEs) The USHCC acknowledges that the interconnectedness of the global landscape presents a significant opportunity for the American economy. In today’s world, the exchange of ideas, culture, and commerce is more widespread than ever on an international scale. It is crucial for the United States to cultivate international trade relationships and facilitate access to global markets for Hispanic-owned businesses, regardless of their size.

Previously, the USHCC advocated for the United States’ participation in the Trans-Pacific Partnership (TPP), a multilateral trade agreement involving twelve countries bordering the Pacific Ocean, spanning North and South America to Asia and Australia. Unfortunately, by withdrawing from this trade agreement, the United States forfeited a valuable opportunity to establish connections with nations that collectively contribute to 40 percent of the world’s economic output.12

USHCC MISSION Trade agreements amplify export opportunities for Hispanicowned businesses (HBEs) and streamline access to global markets. Additionally, imports play a pivotal role in the economic benefit for small businesses by fostering growth, scalability, and cost reduction. The USHCC advocates for bipartisan policies that foster trade agreements supporting small businesses and overall economic expansion. This involves reducing tariffs and dismantling barriers to entering new markets, enabling HBEs to tap into fresh markets and seamlessly integrate into the global economy.

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FOCUS AREA #1: Hispanic Business Interests

ADVOCATING FOR SMALL BUSINESS AS PART OF THE USMCA

The USMCA allows SMEs to export more goods without facing burdensome fees.7 In addition, Chapter 25 of the agreement establishes a ‘Committee on SME Issues,’ designed to help SMEs take advantage of commercial opportunities resulting from the USMCA. The USHCC recognizes this initiative as a trilateral commitment to support small and mid-sized Hispanic businesses in the United States. Moreover, the USHCC will continue to support regulatory and legislative measures that facilitate international trade with both borders such as the capital increase of the North American Development Bank (NAD Bank).

USHCC MISSION The United States Hispanic Chamber of Commerce (USHCC) is dedicated to advocating for small and minority-owned businesses within the framework of the United States, Mexico, Canada Agreement (USMCA). Our mission is to bolster economic ties in North America and promote regional economic growth. Specifically, we focus on enhancing trade and investment opportunities for small minority-owned enterprises (SMEs), enabling them to access international markets and supply chains.

Under the USMCA, SMEs benefit from reduced export fees, facilitating the export of goods without undue financial burdens. Chapter 25 of the agreement establishes a ‘Committee on SME Issues,’ aimed at assisting these enterprises in capitalizing on commercial opportunities resulting from the USMCA.

The USHCC recognizes the importance of the USMCA and the opportunity it represents for small and mid-sized Hispanic businesses in the United States. In alignment with this commitment, we actively endorse regulatory and legislative measures that facilitate international trade, including the capital increase of the North American Development Bank (NAD Bank). Through these initiatives, the USHCC remains steadfast in its mission to advocate for the economic wellbeing and growth of small and minority-owned businesses in the North American economy.

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The combined Gross Domestic Product (GDP) of the United States, Mexico, and Canada is over $26 trillion, making the North American economy the largest in the world.6 The United States, Mexico, Canada Agreement (USMCA) promises to strengthen economic ties in North America and boost the economy of the region. In particular, the focus to increase trade and investment opportunities for small minority-owned enterprises (SMEs) allows these firms to access international markets and supply chains.

USHCC SUPPORTS

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

UTILIZING ARTIFICIAL INTELLIGENCE TOOLS TO HELP HBEs AND HISPANIC OWNED BUSINESSES Leveraging Artificial Intelligence (AI) in Hispanic businesses can enhance efficiency by automating tasks, provide data-driven insights for informed decision-making, improve customer interactions through chatbots, and offer language translation capabilities to broaden communication and reach diverse markets.13 Overall, AI can contribute to increased productivity and competitiveness for Hispanic businesses. Additionally, AI tools can assist in language translation, opening up new markets and facilitating communication with a broader audience.

USHCC MISSION The USHCC is dedicated to propelling Hispanic-owned businesses to the forefront of the contemporary technology-driven economy. Through advocacy for strategic AI integration, we champion policies and tools that enhance operational efficiency, automate tasks, and provide data-driven insights for informed decision-making. Our focus extends to AI-powered chatbots, improving customer interactions, and language translation tools to facilitate diverse market communication. The USHCC’s mission is to empower Hispanic businesses, fostering increased productivity and competitiveness in today’s and tomorrow’s dynamic business landscape.

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FOCUS AREA #1: Hispanic Business Interests

USHCC SUPPORTS

MINORITY ECONOMIC DEVELOPMENT PROGRAMS

One common legal challenge to minority business development programs is the allegation of unconstitutional discrimination. Critics argue that such programs unfairly disadvantage non-minority individuals and violate the principle of equal protection under the law. Legal battles over the constitutionality of affirmative action policies, set-aside programs, and minority contracting initiatives have

led to conflicting court rulings and heightened uncertainty surrounding the legality and scope of these programs.

As a result, Latino entrepreneurs may face barriers to accessing resources, contracts, and opportunities vital for business growth and success.

The legal challenge to the Small Business Administration’s (SBA) minority program involves allegations of unconstitutional discrimination. The SBA’s minority program aims to provide contracting opportunities and resources to minority-owned businesses, but it has faced legal scrutiny over claims of preferential treatment and violation of equal protection rights. Critics argue that such programs unfairly disadvantage non-minority individuals and perpetuate racial or ethnic preferences in government contracting.

Legal challenges to the SBA’s minority program highlight broader debates surrounding affirmative action policies and the extent to which government agencies can implement race-conscious measures to address historical disparities in business ownership and opportunity. As the legal landscape evolves, ongoing litigation and court rulings shape the scope and

implementation of minority programs, influencing their effectiveness in fostering diversity and inclusion in the business sector.

The Minority Business Development Agency (MBDA) has faced legal challenges primarily centered around allegations of reverse discrimination and unequal treatment.

These legal challenges often question the constitutionality of the MBDA’s minority programs, which aim to promote the growth and success of minority-owned businesses through various support initiatives. Critics argue that these programs unfairly prioritize minority entrepreneurs over non-minority individuals, potentially excluding them from valuable opportunities and resources. Legal battles surrounding the MBDA’s minority programs underscore broader debates regarding the balance between promoting diversity and ensuring equal treatment under the law. As courts weigh in on these issues, the outcomes significantly influence the implementation and efficacy of the MBDA’s efforts to address systemic barriers and foster inclusive economic development for minority entrepreneurs.

USHCC MISSION The USHCC will defend all programs and government entities that look to promote the wellbeing of the Latino business community. The USHCC has been a proud leading voice against the misguided rulings against the SBA and the MBDA, along with others. We will continue to push for the Government to challenge these rulings to ensure our Latino business community is on a level playing field with all entrepreneurs and businesses.

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The legal threats to minority business development programs pose significant challenges to the advancement of equitable opportunities for Latino entrepreneurs.

These programs, designed to address historical disparities and promote diversity in business ownership, often face legal scrutiny on grounds of reverse discrimination or violation of equal protection rights. Challenges arise when these initiatives are perceived as preferential treatment, prompting legal challenges that undermine their effectiveness and impact. The threat of legal action not only hampers the implementation of these programs but also erodes trust in government initiatives aimed at fostering inclusivity and economic empowerment.

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

Hispanic Community Interests

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FOCUS AREA #2: Hispanic Community Interests

USHCC SUPPORTS

CLOSING THE HISPANIC WEALTH GAP

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Closing the wealth gap for Hispanics in the United States requires a multifaceted approach that addresses key factors contributing to disparities. Education stands out as a fundamental element, as investing in accessible and high-quality education can empower Hispanic individuals with the skills and knowledge needed to pursue lucrative career opportunities.

Another critical factor in narrowing the wealth gap is promoting equitable access to financial resources and opportunities. This involves addressing systemic barriers that hinder Hispanic individuals from entering the workforce, starting businesses, accessing workplace retirement savings plans, or accessing affordable housing.

Furthermore, equal access to financial technology tools (fintech), fair and accurate tax preparation tools and personnel, and advocating for fair lending practices are essential steps toward creating an economic environment that supports the accumulation of wealth within the Hispanic population. By tackling education and financial disparities simultaneously, comprehensive efforts can contribute significantly to closing the wealth gap and fostering a more equitable economic landscape for Hispanics in the United States.

USHCC MISSION Closing the wealth gap is crucial for societal well-being as it promotes economic stability, reduces poverty, and enhances social cohesion. It fosters equal opportunities, mitigates disparities in education and healthcare access, and contributes to a more inclusive and sustainable economy. Addressing the wealth gap helps create a fairer and more resilient society.

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USHCC SUPPORTS

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

ENSURING ACCESS TO AN EXCELLENT EDUCATION AND EMPHASIZING STEM CAREERS One in four children born in the United States is Hispanic, making investments in the education of Hispanic youth a strategic move for securing the future of the American economy.14 The USHCC advocates for education policies that equip students to thrive in a competitive global workforce. Government leaders should augment funding for schools in historically underserved areas, elevate standards in educational curricula, and ensure Hispanic students have access to college and career-ready courses during high school. Additionally, investments are crucial to make higher education affordable for Hispanic students through federally mandated initiatives like Pell Grants and student loan subsidies.

Reducing the cost of higher education is paramount for enhancing accessibility and equity.

The USHCC supports minority-serving scholarship programs and encourages the expansion of loan forgiveness initiatives. Recognizing the vital role Hispanic Serving Institutions (HSIs) play in community and student development, the USHCC urges the Administration to continue substantial investments in HSIs and foster the growth of the surrounding communities.

The USHCC emphasizes the importance of preparing Hispanic students for careers in science, technology, engineering, and math (STEM) to address the under-representation of Hispanics in this rapidly growing workforce. Early exposure to STEM fields and access to STEM curriculum during childhood education are essential to raise awareness and cultivate interest in STEM before college entry. According to the Smithsonian Science Education Center, 2.4 million STEM jobs remained unfilled in 2018, with only 2.2 percent of Hispanic college graduates earning a university degree in a STEM field.15 Moreover, only 67 percent of Hispanic students have access to a full range of STEM courses. To enhance Hispanic representation in STEM, increasing access to higher education and establishing programs that encourage and incentive Hispanic students to pursue STEM education and graduate with STEM degrees are imperative.

Additionally, the USHCC advocates for expanded access to career and technical education for Hispanics seeking to advance their careers with new skill sets. Career and technical training offer

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students tangible skills directly applicable to industries facing shortages of skilled workers.

The USHCC recognizes the indispensable role of the Hispanic community in the American economy and asserts that investing in STEM education will result in higher-earning workers. According to the Joint Economic Committee in the U.S. Senate, STEM workers earn an average of $14,000 more per year than non-STEM workers at nearly every education level. Furthermore, increasing minority participation in STEM fields is crucial for elevating earnings among workers of color and narrowing wage gaps.16 Education is at the heart of preparing a competitive workforce and a prosperous nation. According to the Pew Research Center, individuals that attain a bachelor’s degree will earn $550,000 more than workers who only have a high school diploma or an associate degree.17 In the K-12 education space, Hispanic enrollment in charter schools has shown dramatic and consistent growth over the last few years, and Hispanic students are now the largest demographic group at more than 36% of all students.18 Research shows that attending a public charter school can make a big difference for students, especially Hispanic students.

According to a 2023 study from the Center for Research on Educational Outcomes (CREDO) at Stanford University, Hispanic students attending charter schools saw an additional 30 days of growth in reading and 19 more days in math compared to their peers in district public schools and Hispanic students from low-income backgrounds saw even more dramatic gains.19

FOCUS AREA #2: Hispanic Community Interests

USHCC MISSION Emphasizing STEM (Science, Technology, Engineering, and Mathematics) careers and technical education is essential for the future of the Latino Community and our businesses. Prioritizing STEM careers and technical education is instrumental in driving progress, fostering economic development, and preparing individuals for the challenges of the future.

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Committed to fostering the future economic prowess of the Hispanic community, the USHCC continues its mission by placing a crucial emphasis on educational excellence and prioritizing careers in Science, Technology, Engineering, and Mathematics (STEM).

With a profound understanding that strategic investments in Hispanic youth education are fundamental to the nation’s economic future, we actively advocate for policies that empower students to thrive in a globally competitive workforce. In pursuit of educational equity, the USHCC supports initiatives aimed at augmenting funding for schools in historically underserved areas and elevating standards in educational curricula.

Our commitment extends to ensuring that Hispanic students have access to college and career-ready courses during high school.

We advocate for federally mandated initiatives like Pell Grants and student loan subsidies to alleviate financial barriers and enhance accessibility to higher education for Hispanic students. Addressing the disparity of Hispanic representation in the STEM workforce, the USHCC underscores the significance of preparing Hispanic students for STEM careers.

Our advocacy encompasses early exposure to STEM fields, access to STEM curriculum during childhood education, and supporting initiatives that incentivize Hispanic students to pursue STEM education and degrees. These efforts align with our broader goal of closing wage gaps and promoting diversity within the workforce. Furthermore, the USHCC actively champions expanded access to career and technical education, recognizing its pivotal role in providing tangible skills relevant to industries facing shortages of skilled workers. The USHCC is steadfast in its belief that investing in STEM education and technical training is not only crucial for the future prosperity of the Latino community but also a driving force for progress and economic development. Education, in our view, is the cornerstone for creating a competitive and diverse workforce, ensuring the continued prosperity of our nation.

USHCC SUPPORTS

BUILDING A DIVERSE & INCLUSIVE WORKFORCE

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

The American Melting Pot provides U.S. companies with a unique economic advantage by bringing together individuals with diverse perspectives and backgrounds.

The USHCC actively supports policies that address workforce economic security while ensuring the competitiveness of small minority-owned businesses.

Policies promoting support for working families, such as increased childcare investments and comprehensive paid family leave policies, not only cater to the economic needs of the workforce but also cultivate a more competitive environment favoring diversity and inclusion, particularly among Hispanic employees, especially women.

Eliminating wage gaps is the initial step toward building a diverse and inclusive workforce. Women, on average, receive 84 percent of what their male counterparts earn,20 with Hispanic women experiencing the largest pay gap at just 57 cents for every dollar earned by white men in 2020.21 To establish a robust workforce, addressing and eradicating wage gaps is imperative. Additionally, workplaces must acknowledge and address challenges arising from the ‘Caregiving

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Crisis,’ where millennials, particularly Latinos, are increasingly taking on caregiving responsibilities. Over a quarter of millennial caregivers (27%) are Latino, highlighting the need for comprehensive paid leave policies that offer flexibility and peace of mind for workers.22 The eradication of workplace harassment is equally crucial. The USHCC endorses policies fostering healthy and productive work environments, firmly opposing any form of discrimination.

Scientific American studies reveal a positive correlation between diversity and corporate performance.

Companies with diverse leadership, including women, demonstrate higher average returns on equity and better average growth.23 Similarly, the linear relationship between racial/ethnic diversity and financial performance emphasizes the importance of diverse and inclusive leadership at all levels.

The USHCC, in collaboration with the Latino Corporate Directors Association (LCDA), continues to advocate for state and federal legislation mandating diversity in board leadership and C-Suite executive opportunities for Hispanic professionals.

FOCUS AREA #2: Hispanic Community Interests

USHCC MISSION Cultivating a diverse workforce not only brings economic advantages to businesses but also contributes to the overall strength of the American economy. Enhancing diversity in the workplace aligns closely with the USHCC’s mission. According to a McKinsey & Company study, companies prioritizing diversity are 35% more likely to achieve financial returns above the industry median.

Elevating the representation of Hispanic professionals in leadership positions directly influences how American consumers perceive diversity, equity, and inclusion outcomes within some of the nation’s largest corporations.

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USHCC SUPPORTS

INCREASING ACCESS TO AFFORDABLE & QUALITY HEALTHCARE As of 2022, the Kaiser Family Foundation reported that the uninsured rate for non-elderly Hispanics was 2.5 times higher than that of the white nonelderly population (20% vs. 7.8%).25 The USHCC advocates for a comprehensive range of affordable healthcare options, both public and private, to be accessible to Hispanic families. We endorse policies aimed at curbing escalating premiums, reducing inflated drug prices, fostering increased competition among private healthcare providers, and expanding funding for federal healthcare programs.

Since the enactment of the Affordable Care Act (ACA), the uninsured rate among Hispanics has seen substantial improvement. In 2010, 43.2 percent of working-age Hispanic adults lacked insurance, and by 2016, this figure dropped to 24.8 percent.26 The ACA’s Medicaid expansion particularly

benefited non-citizen Hispanic immigrants, leading to improved coverage rates.27 As of 2018, four million Hispanics were insured under the ACA.28 The USHCC calls for a bipartisan effort to fortify and enhance the federal healthcare system, ensuring affordability and expanding coverage for all Americans lacking the financial means to enroll in private plans.

The USHCC actively supported the passage of the Inflation Reduction Act of 2022. This legislation safeguards Medicare recipients from exorbitant drug costs by phasing in a cap for outof-pocket expenses and establishing a $35 cap for a month’s supply of insulin. A groundbreaking provision allows Medicare to negotiate prices for high-cost drugs for the first time.

Additionally, the act extends health insurance premium subsidies for union members and their family members benefiting from the Affordable Care Act.

USHCC MISSION Securing access to healthcare is crucial for a thriving economy. Hispanics and other minorities are statistically less likely to possess healthcare coverage compared to their white counterparts.

Addressing this disparity and ensuring the health of Hispanics will not only strengthen the overall American economy but also contribute to enhanced economic outcomes within the Hispanic community.

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USHCC SUPPORTS

ADVANCING THE HEALTH OF THE HISPANIC WORKFORCE

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

Hispanics in the U.S. face disparities in accessing quality healthcare and encounter unique obstacles to maintaining healthy lifestyles compared to the non-minority population. They are less likely to have healthcare and more prone to conditions like diabetes and obesity.29 These health disparities are, in part, a result of insufficient social determinants of health—quantitative and qualitative factors shaping living conditions and, consequently, health. Factors such as zip code, income, education, occupation, and social norms play crucial roles.30 The USHCC advocates for a comprehensive approach to enhancing

health in the Hispanic community. We urge government leaders to enhance access to affordable healthcare and formulate policies addressing social determinants of health for Hispanic families. Recent years have seen new options emerge for small business owners and their employees, including innovative health reimbursement arrangements like Qualified Small Employer Health Reimbursement Arrangements and Individual Coverage Health Reimbursement Arrangements.

Addressing issues like the “family glitch” and offering opportunities for education and enrollment within the current Marketplace are steps toward improving health outcomes.31

USHCC MISSION Presently, Hispanics constitute nearly 19 percent of the entire U.S. labor market. Projections from the Bureau of Labor Statistics indicate that by 2030, Hispanics will represent one in every five workers, comprising 21.2% of the labor force.32 Given the substantial presence of Hispanics in the U.S. workforce, ensuring access to quality healthcare becomes imperative for enhancing productivity and contributing to economic growth within the Hispanic community.

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FOCUS AREA #2: Hispanic Community Interests

USHCC SUPPORTS

PRIORITIZING IMMIGRANTS AS AN ECONOMIC IMPERATIVE

Government policies must be crafted to facilitate the integration of immigrants into the workforce and the fabric of American society. Immigrants constitute 20 percent of the overall American workforce,36 significantly more likely than native-born employees to work in industries facing labor shortages, such as service, construction, manufacturing, or agriculture.37 The USHCC advocates for the expansion and streamlining of processes for H-1B, H-2B, J, and L work visas to enrich the American economy with a diverse and

culturally rich workforce. Additionally, creating opportunities to attract foreign capital and enabling families to visit their relatives in the United States through nonimmigrant visas aligns with economic benefits. According to the U.S. Travel Association, direct spending by residents and international travelers in the U.S. averaged $3.1 billion a day in 2019.38

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The USHCC acknowledges the crucial contributions immigrants make to the American economy, with an 80% higher likelihood than the native-born population to initiate businesses.33 Over 44.8 percent of Fortune 500 companies were founded by immigrants or their descendants,34 adding $2 trillion to the U.S. GDP in 2016 and contributing $459 billion to state, local, and federal taxes in 2018.35

The USHCC supports immigration policies that facilitate the legal immigration of workers across all skill levels. Restricting immigration to “highskilled workers” would jeopardize the requirements of our intricate workforce and adversely impact key American industries. Instead, we urge policymakers to streamline the visa process, enhance guest-worker programs, and ensure visa caps align with the needs of employers, thereby facilitating legal immigration that meets the workforce’s demands.

USHCC MISSION The United States has consistently thrived due to immigrants bringing motivation and ambition to pursue economic prosperity—a fundamental principle upon which America was built, offering the opportunity to strive for a better life through hard work. The U.S. immigration system stands as a foundational element and a defining parallel of American democracy.

Urgent and immediate solutions are required to address the pressing needs of immigrants living in the shadows of American society and those newly arriving in pursuit of a better life for themselves and their families. As evidence, “Immigrants added $2 trillion to the U.S. GDP in 2016 and $459 billion to state, local, and federal taxes in 2018.”

FOCUS AREA #2: Hispanic Community Interests

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COMPASSIO

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FOCUS AREA #2: Hispanic Community Interests

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

A COMPASSIONATE AND ECONOMICAL APPROACH TO BORDER SECURITY USING TECHNOLOGY There’s a unanimous agreement that the U.S. immigration system requires substantial reform. The USHCC emphasizes the importance of maintaining border security while preserving the fluidity of trade through the adoption of modern technology.

Given the longstanding trade partnership between the United States and Mexico, erecting and sustaining a wall along the southern border is deemed archaic and ineffective in ensuring the nation’s security.

According to estimates from the Massachusetts Institute of Technology (MIT), the construction of a border wall

could incur a staggering $40 billion cost and prove largely ineffective due to geographical and topographical challenges.39 Instead of opting for a 30-foot wall across the entire border, the United States should focus on implementing physical barriers only where necessary. Alternatively, policymakers should prioritize investments in advanced technology along the southern border. This approach aims to modernize ports of entry, streamline the processing of asylum seekers, and aid federal agents in identifying genuine threats to national security.

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USHCC SUPPORTS

USHCC MISSION The USHCC’s mission within the realm of border security is rooted in humanity, pragmatism, and technological innovation. We strive to ensure that security measures align with the evolving needs of the nation, leveraging technology to create a secure and efficient border environment. Our

mission is to advocate for policies that not only protect the nation but also uphold the values of humane treatment and economic sensibility, fostering an approach that is both effective and mindful of the collaborative trade relationships between the United States and its neighboring countries.

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USHCC SUPPORTS

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

CONTINUING & STRENGTHENING POLICIES REGARDING DEFERRED ACTION FOR CHILDHOOD ARRIVALS (DACA) & TEMPORARY PROTECTED STATUS (TPS) DACA recipients, often referred to as DREAMers, arrived in the U.S. without documentation as children, unintentionally violating immigration laws. They shouldn’t face repercussions for their parents’ pursuit of a better life. Thanks to DACA, established in 2012, 800,000 DREAMers legally live and work in the U.S., with an estimated one million more eligible.40 Deporting DREAMers would harm the U.S. economy and burden taxpayers. Ninety-seven percent of DREAMers are employed, in school, or in the military,41 with around 203,000 contributing to the COVID-19 response.42 Annually,

DREAMers pay roughly $3.3 billion in state and local taxes.43 Forced departure would lead to a $433 billion reduction in U.S. economic growth over the next decade.44 Similarly, revoking Temporary Protected Status (TPS) has significant economic downsides. TPS, granted to individuals from countries in conflict or disaster, covers 320,000 people in the U.S., including 275,000 U.S.-born children.45 If TPS recipients leave the workforce, the U.S. faces a $164 billion GDP loss and employers incur $967 million in turnover costs over the next decade.46

USHCC MISSION Terminating the DACA program goes against the U.S. economic interests, considering DACA recipients as crucial investments in the nation’s future workforce. The Center for American Progress has projected potential lost economic benefits amounting to a significant $433 billion in Gross Domestic

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Product (GDP) over the next decade. Beyond the economic impact, ending DACA would disrupt and permanently alter the futures of nearly 800,000 young individuals who have lawfully pursued higher education in the United States.47

FOCUS AREA #2: Hispanic Community Interests

USHCC SUPPORTS

INVESTING IN ECONOMIC DEVELOPMENT FOR PUERTO RICO’S REBUILDING EFFORTS

With the recent announcement of Puerto Rico completing its

debt restructuring, and the disaster recovery funding now starting to flow, there is a unique window of opportunity to revitalize the island’s economy. Now more than ever, the USHCC is committed to leveraging its resources to ensure its fellow small and medium-sized businesses on the island can capitalize on this unique moment to increase Puerto Rico’s competitiveness and maximizing the island’s economic potential.

USHCC MISSION The USHCC supports Hispanic Business Enterprises (HBEs) in all 50 states and U.S. territories, including Puerto Rico. Under the current territory status, U.S. Citizens in Puerto Rico are denied equal treatment by the U.S. Government compared to other states. Helping Puerto Rico’s economy recover and grow is not just in the interest of the thousands of small businesses

on the island working hard to grow the local economy and increase local employment opportunities, it will also generate growth for Hispanic businesses stateside through increased interstate commerce and trade. If Puerto Rico succeeds, America succeeds.

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The USHCC urges swift and strong support from the public and private sectors to increase investments and economic development resources in Puerto Rico. As a U.S. territory, which is still recovering from a series of natural disasters as well as a fiscal and debt crisis, the 3.3 million Hispanic Americans in Puerto Rico need help now.

USHCC SUPPORTS

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

LATINA EMPOWERMENT Latinas are starting businesses 6x faster than any demographic in the United States. The USHCC stands firm in ensuring they are on equal footing with everyone in the country. Latinaowned small businesses in America represents a community of 1.4 million entrepreneurs that full our nation’s economy.

This includes access to capital, equal pay, unobstructed healthcare access and overall economic inequalities. As Latina entrepreneurs continue to thrive, they will inevitably fuel the global economy.

The USHCC actively supports Latina equal pay as it not only promotes gender equality but also fosters economic growth and empowerment within the Latino community. By advocating for equal pay for Latina women, businesses can help bridge the wage gap, ensuring fair compensation for all employees regardless of gender. Investing in pay equity not only boosts morale and loyalty among Latina employees but also enhances workplace productivity, innovation, a stronger pipeline of goods and services, workforce development and will result in an overall growth in the American GDP. Moreover, supporting Latina equal pay demonstrates a commitment to diversity, equity, and inclusion, which can attract a wider customer base and strengthen community ties. Ultimately, by standing in solidarity with Latina women on this issue, Latino businesses can improve the quality of life for communities across America and contribute to a more just and prosperous society for all.

The USHCC prioritizes women’s health issues because the well-being of female employees directly impacts the overall success and stability of the workforce. By investing in women’s health initiatives, such as access to reproductive health services, maternal care, and preventive screenings, businesses can create a healthier and more productive workforce. Addressing women’s health concerns also demonstrates a commitment to gender equality and social responsibility, fostering a positive company culture and attracting top talent. Decisions regarding funding for family planning clinics, insurance coverage for reproductive health services, and regulations on abortion providers can either facilitate or hinder Latinas’ access to these critical services.

Furthermore, promoting women’s health within the Latino community not only improves individual health outcomes but also strengthens families and communities, higher rates of labor force participation, increased educational attainment, and greater economic opportunities for women, which ultimately benefit the American economy.

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FOCUS AREA #2: Hispanic Community Interests

USHCC MISSION The USHCC will continue to support legislation and efforts that give all equal rights to our Latina population. We will fight any legislation or court decision that will impact or harm those rights. The USHCC values our Latina community, and we will be on the frontlines advocating for equality.

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Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

Broader Hispanic Interests

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FOCUS AREA #3: Broader Hispanic Interests

USHCC SUPPORTS

INVESTING IN AMERICAN INFRASTRUCTURE

In 2021, a historic bipartisan infrastructure bill, the Infrastructure Investment and Jobs Act, was signed into law, marking the largest infrastructure investment in American history. This substantial legislation encompasses key sectors, including Transportation, Climate, Energy, and the Environment, and Broadband.48 The bill also allocates funds to various programs

across government departments, emphasizing the importance of regional commissions and addressing needs in health, education, and environmental protection.

Executive Order 14052 ensures that programs under the Bipartisan Infrastructure Law align with the “Justice40 Initiative,” directing 40% of the benefits toward disadvantaged communities, emphasizing climate, clean energy, housing, water, and other crucial investments.

The USHCC advocates for impactful funding sources prioritizing underserved communities, aiming to integrate Hispanic Business Enterprises (HBEs) into government procurement contracts and major U.S. supply chains. Key initiatives include the

Clean Drinking Water State Revolving Funds, Superfund Clean-up Program, Reconnecting Communities, Natural Gas Distribution Infrastructure Grants, Energy Improvement in Rural Areas, Advanced Energy Manufacturing Grants, and Solar Research and Development Cooperative Agreements.

Acknowledging the current state of disrepair in roads, bridges, transit systems, and electrical grids across the U.S., the USHCC emphasizes the negative impact on business owners and advocates for infrastructure investment to spur economic growth.

Building critical needs under the new bipartisan infrastructure law is viewed as a catalyst for the advancement of minority communities.

USHCC MISSION Aligned with Executive Order 14052, our mission is to ensure that programs under the Bipartisan Infrastructure Law align with the “Justice40 Initiative,” directing 40% of the benefits toward disadvantaged communities. Emphasizing climate, clean energy, housing, water, and other crucial investments, we advocate for impactful funding sources prioritizing underserved communities. Our focus extends to integrating Hispanic Business Enterprises (HBEs) into government

procurement contracts and major U.S. supply chains through initiatives such as the Clean Drinking Water State Revolving Funds, Superfund Clean-up Program, Reconnecting Communities, Natural Gas Distribution Infrastructure Grants, Energy Improvement in Rural Areas, Advanced Energy Manufacturing Grants, and Solar Research and Development Cooperative Agreements.

Acknowledging the current state of disrepair in roads, bridges, transit

systems, and electrical grids across the U.S., the USHCC emphasizes the negative impact on business owners and advocates for infrastructure investment to spur economic growth.

Building critical needs under the new bipartisan infrastructure law is viewed as a catalyst for the advancement of minority communities, contributing to a more resilient and inclusive national infrastructure.

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The USHCC actively supports nationwide infrastructure development and renovation, recognizing that the modern definition of “infrastructure” extends beyond bridges and roads.

The United States Government should persist in investing in the comprehensive modernization of all infrastructure, and the USHCC advocates for such development through federal initiatives and public-private partnerships.

USHCC SUPPORTS

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

DEVELOPING ACCESS TO SECURE TECHNOLOGICAL INFRASTRUCTURE The reliance of American businesses on technological infrastructure is on the rise. According to a recent survey, 80 percent of consumers express a greater inclination to shop at businesses with user-friendly websites. Moreover, 60 percent prefer businesses to contact

them through digital channels like email or website banners. Additionally, 78 percent of consumers favor digital payment methods, such as credit cards or phones, as their preferred payment option.49

USHCC MISSION The digital evolution of Hispanic Business Enterprises (HBEs) is crucial for their success, yet a “Digital Divide” persists due to disparities in tech infrastructure quality and accessibility, particularly in rural and historically underserved areas. A bipartisan legislative solution is essential to maintain the internet as an open platform, preserving consumer rights, supporting choice, ensuring public safety, and encouraging broadband infrastructure development.

This approach aims to provide affordable service options and enhance economic opportunities for historically disconnected communities, benefiting Latinos/as, one of the youngest user groups, who have shown high rates of digital entrepreneurship and media consumption.

While new technology offers opportunities for business growth, it also exposes businesses and customers to cyber threats. Preventive measures,

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including firewall security and password authentication, are crucial to mitigate vulnerabilities. The USHCC urges the Federal Communications Commission (FCC) and technology industry leaders to take decisive action against cyber threats.

Additionally, technology can enhance efficiency not only in businesses but also in government entities.

Blockchain, a powerful technology enabling secure transactions without intermediaries, holds the potential to improve efficiency, transparency, and accountability in government agencies processing numerous lending requests. The USHCC supports bills like H.R.6597, the “Blockchain Solutions for Small Businesses Act,” advocating for a study on how blockchain can enhance the Small Business Administration’s efficiency and support small businesses with innovative streamlining technology.

FOCUS AREA #3: Broader Hispanic Interests

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USHCC SUPPORTS

INNOVATION AND PRIVACY IN THE DATA ECONOMY

USHCC MISSION The USHCC supports federal data privacy legislation that encourages innovation, provides regulatory certainty, and respects individual privacy and choice. Our mission is to ensure clarity on data usage, benefiting innovation, consumer confidence, and Hispanic Business Enterprises (HBEs) reliant on information exchange. We advocate for bipartisan legislation to establish clear rules for businesses, ensuring consistent privacy and data collection regulations. Recognizing the

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integral role of technology in Hispanic businesses’ outreach and operations, we assert that technology and social media regulations should support, not hinder, small minority-owned businesses, their entrepreneurs, innovators, job creators, and customers. This approach is crucial for the economic survival of Hispanic businesses and consumers engaging in the digital economy, holding substantial purchasing power.

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The USHCC, representing Hispanic-owned businesses on data usage benefits innovation, consumer confidence, and across sectors, recognizes the vital role of technology and Hispanic Business Enterprises (HBEs) reliant on information telecommunications in their success, exchange. Bipartisan legislation is urged contributing to growth and opportunity 10100010101110101001010100100011 to establish clear rules for businesses 10101010111101010101010010101001 for the U.S. economy. The internet offers and ensure consistent privacy and data 01110101001010010101101101010010 consumers more choices, facilitates crosscollection regulations. boundary commerce for businesses of 11101010101010101010101000101010 all sizes, and encourages entrepreneurial 10111010101010110101000101011101 Notably, social media, technology-based 01001010100100011101010101111010 innovation. advertising, and digital tools are integral 10101010010101001011101010010100 for Hispanic businesses’ outreach and 10101101101010010111010101010101 Advocating for federal privacy rules, our operations. Technology and social media 2024 innovation agenda supports market- 01010101000101010101110101010101 regulations should support, not hinder, based solutions, policies promoting 10101000101011101010010101001000 small minority-owned businesses, their technology research investment, and 11101010101111010101010100101010 entrepreneurs, innovators, job creators, 01011101010010100101011011010100 telecommunications infrastructure and customers, as these technologies are deployment in historically underserved 10111010101010101010101010001010 crucial for economic survival. markets. We emphasize a balanced 10101110101010101101010001010111 regulatory approach for online platforms, 01010010101001000111010101011110 U.S. Hispanic consumers, embracing prioritizing U.S. information and technology 10101010100101010010111010100101 technology at a rapid pace, engage in the 00101011011010100101110101010101 asset protection, consumer data privacy, digital economy, outpacing other consumer and fostering innovation in the digital 01010101010001010101011101010101 groups. With over $3 trillion in purchasing 01100010101101101010010111010101 economy. power, Hispanic businesses and consumers 01010101010101000101010101110101 are pivotal to the internet economy, The USHCC backs federal data privacy emphasizing the need for policy discussions legislation that encourages innovation, provides regulatory to protect consumer privacy. certainty, and respects individual privacy and choice. Clarity

USHCC SUPPORTS

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

DEVELOPING COMMUNICATIONS INFRASTRUCTURE AND REMOVING BARRIERS TO BROADBAND DEPLOYMENT As the U.S. shapes a national broadband strategy, significant implications exist for Hispanic consumers, our country’s economy, and future innovation with its manifold advantages. A spectrum of challenges, spanning infrastructure deployment, broadband adoption, and digital literacy, contributes to the “Digital Divide,” impeding the pace of innovation and economic opportunities for the national Hispanic community. Reliable and cost-effective broadband access, complemented by intelligent digital readiness tools and information, is pivotal to ensuring

that minority businesses and their clientele can actively engage and reap the benefits of our digital economy.

Particularly in rural and unserved areas, barriers to broadband expansion can unnecessarily hinder deployment efforts, risking delayed connectivity to communities with the most pressing needs.50 Following the digital impact of the COVID-19 global pandemic, the USHCC underscores the necessity for every American household to have affordable and dependable internet access.

USHCC MISSION The USHCC advocates for Congressional action in collaboration with agencies like the Federal Communications Commission (FCC) and Federal Trade Commission (FTC) to establish policies that enable the FCC to enhance the current broadband map and infrastructure and simplify and reduce regulatory barriers for 5G, wireline, wireless, and other communication

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infrastructure. USHCC works to ensure programs such as the Affordable Connectivity Program (ACP) are funded fully and accessible to all American households, irrespective of citizenship and guarantee adequate terrestrial spectrum allocations for both unlicensed and licensed wireless services to meet the increasing consumer demand.

FOCUS AREA #3: Broader Hispanic Interests

USHCC SUPPORTS

IMPROVING ENERGY INFRASTRUCTURE

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The USHCC advocates for policies enhancing energy, affordability, and efficiency to alleviate challenges for American business owners. Efficient energy utilization enables business owners to decrease operational energy needs, consequently minimizing costs.

Federal initiatives like the SBA’s Energy Efficiency Loan Program can provide funding for improvements that result in reduced energy usage.

USHCC MISSION The USHCC endorses federal regulation enabling small and minority business owners to procure energy supplies at globally competitive prices. Annually, small businesses in the United States allocate over $60 billion to energy expenses.51 These everyday energy costs pose a burden, and the dynamic energy market introduces instability.

Even fundamental expenditures like vehicle operation and heating/cooling can significantly impact small businesses when prices rise.

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USHCC SUPPORTS

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

POLICIES THAT PROMOTE ENVIRONMENTAL SUSTAINABILITY Sustainability has become a paramount focus for both the public and private sectors, driven by the visible impact of human carbon emissions. With the deadline to prevent irreversible environmental damage approaching, consumers increasingly prefer businesses committed to environmental sustainability.

As policymakers contemplate bipartisan legislation to tackle energy and sustainability issues, the USHCC advocates for ensuring that Hispanicowned businesses have opportunities in the shift toward a cleaner energy future. This encompasses aspects such as procurement opportunities, equity, inclusion, and considering the impact of energy legislation on underserved communities. The transition to a circular supply chain is poised to reshape the market, rewarding companies at the forefront of this change, while also holding environmentally irresponsible businesses accountable for the damage caused by their operations.

Recent legislative discussions indicate an unprecedented mobilization to make the entire U.S. economy carbon neutral. To counter the economic impacts of this shift, establishing mechanisms to aid businesses and workers in a stable transition is crucial.

Legislative measures mapping the path to carbon emission reduction are already underway.

Tax incentives for sustainable practices and the shift to clean energies present a significant opportunity to develop a profitable and enduring business model.

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FOCUS AREA #3: Broader Hispanic Interests

USHCC MISSION The USHCC is dedicated to assisting all Hispanic businesses preparing for the significant legislative challenges across industries as policymakers address the current situation. The approach to tackling industrial-generated carbon emissions disruption must be thorough and efficient to prevent the imposition of excessive and costly regulations.

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Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

RACIAL EQUITY: SUPPORTING EQUITY FOR UNDERREPRESENTED COMMUNITIES The USHCC stands in solidarity with people of all ethnicities, genders, disabilities, and orientations to oppose all forms of discrimination. Today, we call for justice and reform through policy and action to meaningfully address social and racial injustice in America in every community. The USHCC does not tolerate any forms of racism or injustice.

The continued acts of violence occurring in many communities in America should rattle us all to our core, as it also should for Asian-Americans harassed and targeted with violence due to misinformation about COVID-19, Jewish-American victims of Anti-Semitic hate crimes, and our brothers and sisters in other communities of color. We must come together now

as communities of color, as Americans, and as new allies, neighbors, friends, business leaders, and decision makers to stop racism and discrimination and promote reforms in education, housing, job creation, and economic opportunity.

Equity is the catalyst to protect all Americans from discrimination. We know that many of our own members have experienced discrimination in many forms and are proud that this ruling will protect many Americans. We stand against any act of discrimination whatsoever. Equity creates wealth in all communities and lifts the overall economy. We will rise by lifting others.

USHCC MISSION At the heart of the United States Hispanic Chamber of Commerce (USHCC) lies an unwavering commitment to driving the mission of championing equity for underrepresented communities. Our core objective is to cultivate a society where the flourishing of every individual, regardless of their diverse background, becomes an integral contributor to the nation’s prosperity. Firmly opposed to all forms of discrimination, we dedicate ourselves to dismantling systemic barriers that obstruct the progress and well-being of marginalized communities.

Our mission is propelled by the force of equity, a dynamic catalyst fostering inclusive growth, shielding all Americans from discrimination, and elevating the collective economy.

The USHCC envisions a future where justice and equality are not mere aspirations but tangible realities for every person.

With this vision, our mission compels us to advocate for innovative policies and initiatives that directly address the historical and systemic injustices inherent in our society.

We focus on fostering inclusivity, celebrating diversity, and empowering underrepresented communities as cornerstones of our advocacy.

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Racial equity, for us, is a transformative force surpassing mere aspiration; it ensures fairness, justice, and equal opportunities for everyone. The USHCC is unwaveringly committed to the principle of upliftment, actively contributing to the creation of a more just and equitable society that mirrors the rich diversity of America. In this pursuit, we play a pivotal role in fortifying the collective strength and resilience of the nation, envisioning a future where every individual, regardless of their unique background, can fully engage in and contribute to the realization of the American dream through the focused execution of our mission.

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USHCC COLLABORATING PARTNERS American Business Immigration Coalition (ABIC) American Immigration Council American Investment Council (AIC)

Latino Hotel Association Latino Restaurant Association Latino Voices for Boardroom Equity* Latinos For Education

Blue Wave SDP

Let Families Visit Coalition

Broadband Equity for All

Modern Medicaid Alliance

Build Up Local

National Association of Hispanic Publications

Center for Responsible Lending Chamber Leadership Alliance

National Business Inclusion Consortium (NBIC)

Concordia

National Hispanic Media Coalition (NHMC)

Congressional Hispanic Caucus

Ogilvy Government Relations

Hispanic Association on Corporate Responsibility (HACR)

Pérez Correa González

Hispanic Heritage Foundation (HHF) Hispanic Technology & Telecommunications Partnership (HTTP)

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Asociación de Empresarios Mexicanos (AEM-USA)

Latino Donor Collaborative (LDC)

Proyecto 20% Public Private Strategies Institute Reimagine Mainstreet

Hispanics in Energy

Small Business Majority

International Trade Administration (ITA)

Small Business Roundtable (SBR)

Latino Business Action Network (LBAN)

The Business & Democracy Initiative

Latino Corporate Directors Association (LCDA)

UnidosUS

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POLICY PLATFORM

REFERENCES 1.

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8.

9.

2023 Official LDC U.S. Latino GDP Report: https://www.latinodonorcollaborative.org/original-research/2023-ldc-u-s-latino-gdpreport Goldman Sachs, https://www. goldmansachs.com/citizenship/10000-small-businesses/US/ infographics/small-business-owners-face-credit-crunch/index.html Biz2credit, https://b2c-cms2. b2cdev.com/small-business-lending-index Fed Small Business, https:// www.fedsmallbusiness.org/survey/2021/2021-report-on-firmsowned-by-people-of-color GSB Stanford, https://www.gsb. stanford.edu/insights/latino-entrepreneurs-are-thriving-access-contracts-capital-remains-challenging MBDA, https://www.mbda.gov/ sites/default/files/2021-09/ Small%20Business%20Credit%20 Survey%20-2021%20Report%20 on%20Firms%20Owned%20by%20 People%20of%20Color.pdf MBDA, https://www.mbda.gov/ sites/default/files/2021-09/ Small%20Business%20Credit%20 Survey%20-2021%20Report%20 on%20Firms%20Owned%20by%20 People%20of%20Color.pdf MBDA, https://www.mbda. gov/sites/default/files/2021-09/ Small%20Business%20Credit%20 Survey%20-2021%20Report%20 on%20Firms%20Owned%20by%20 People%20of%20Color.pdf SBA, https://www.sba.gov/partners/lenders/7a-loan-program/ types-7a-loans

10. Small Business Majority, https:// smallbusinessmajority.org/our-research/healthcare/small-businesses-see-significant-gains-aca

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11. Small Business Majority, https:// smallbusinessmajority.org/our-research/healthcare/small-businesses-see-significant-gains-aca 12. Council on Foreign Relations, https://www.cfr.org/backgrounder/ what-trans-pacific-partnership-tpp

port-among-hispanic-families-forcharter-schools/ 19. National Alliance for Public Charter Schools, https://publiccharters.org/ news/the-data-tells-all-high-support-among-hispanic-families-forcharter-schools/

13. Bipartisan Policy Center, https:// bipartisanpolicy.org/blog/navigating-the-era-of-ai-implications-for-small-businesses/#:~:text=By%20incorporating%20AI%20 into%20their,sales%2C%20and%20 gathering%20business%20insights.

20. Pew Research Center, https:// www.pewresearch.org/shortreads/2023/03/01/gender-pay-gapfacts/

14. Hispanic Research Center, https:// www.hispanicresearchcenter. org/research-resources/one-infour-children-nationwide-arelatino-with-6-to-12-year-oldsmaking-up-nearly-40-percent-oflatino-children/#:~:text=One%20 in%20Four%20Children%20 Nationwide,Latino%20Children%20 %2D%20Hispanic%20Research%20 Center

22. National Council on Aging, https:// www.ncoa.org/article/honoringthe-stories-of-hispanic-caregiversunites-us-all

15. Smithsonian Science Education Center, https://ssec.si.edu/ stem-imperative#:~:text=Demand%20is%20Growing&text=By%202018%2C%20it%20is%20 projected,university%20degree%20 in%20STEM%20fields.

16. National Science Foundation, https://ncses.nsf.gov/pubs/ nsf23315/report/stem-median-wage-and-salary-earnings 17. Pew Research Center, https:// www.pewresearch.org/shortreads/2012/03/07/the-monetary-value-of-a-college-education/#:~:text=The%20 typical%20college%20graduate%20 earns,a%2040%2Dyear%20 work%20life.

18. National Alliance for Public Charter Schools, https://publiccharters.org/ news/the-data-tells-all-high-sup-

21. National Women’s Law Center, https://nwlc.org/resource/equalpay-for-latinas/

23. The Conference Board, https:// www.conference-board.org/ publications/how-board-diversity-can-contribute-to-board-effectiveness 24. McKinsey & Company, https:// www.mckinsey.com/~/media/ mckinsey/featured%20insights/ diversity%20and%20inclusion/ diversity%20wins%20how%20 inclusion%20matters/diversity-wins-how-inclusion-matters-vf. pdf 25. Kaiser Family Foundation, https://www.kff.org/racial-equity-and-health-policy/issue-brief/ health-coverage-by-race-and-ethnicity/ 26. Kaiser Family Foundation, https://www.kff.org/racial-equity-and-health-policy/issue-brief/ health-coverage-by-race-and-ethnicity/#:~:text=While%20overall%20uninsured%20rates%20 continued,%2C%20respectively%2C%20as%20of%202022.

POLICY PLATFORM

REFERENCES 27. Kaiser Family Foundation, https://www.kff.org/racial-equity-and-health-policy/issue-brief/ health-coverage-by-race-and-ethnicity/ 28. U.S. Department of Health and Human Services, https://aspe. hhs.gov/sites/default/files/ documents/c070089ad329eeed43dcab36ca80d18f/ aspe-oep-2022-race-ethnicity-marketplace.pdf

30. Office of Disease Prevention and Health Promotion, https://health. gov/healthypeople/priority-areas/ social-determinants-health 31. Centers for Medicare and Medicaid Services, https://www.cms.gov/ files/document/family-glitch.pdf 32. U.S. Department of Labor, https:// blog.dol.gov/2021/09/15/hispanicsin-the-labor-force-5-facts 33. Michigan Institute of Technology, https://news.mit.edu/2022/ study-immigrants-more-likely-start-firms-create-jobs-0509#:~:text=Co%2Dauthored%20by%20 an%20MIT,by%20U.S.%20natives%2C%20on%20average.

34. American Immigration Council, https://www.americanimmigrationcouncil.org/research/ new-american-fortune-500-2023

36. USA Facts, https://usafacts.org/ articles/how-many-immigrants-arein-the-american-workforce/ 37. Kaiser Family Foundation, https://www.kff.org/racial-equity-and-health-policy/issue-brief/ employment-among-immigrantsand-implications-for-health-andhealth-care/ 38. USA Travel Association, https:// www.ustravel.org/sites/default/ files/media_root/document/Congressional%20Packet.pdf 39. Construction Dive, https://www. constructiondive.com/news/mittrumps-border-wall-would-actually-cost-40b/428700/ 40. American Immigration Council, https://www.americanimmigrationcouncil.org/research/ deferred-action-childhood-arrivals-daca-overview 41. FWD, https://www.fwd.us/news/ dreamers-by-the-numbers/ 42. FWD, https://www.fwd.us/news/ dreamers-by-the-numbers/ 43. The White House, https://www. whitehouse.gov/briefing-room/ statements-releases/2022/06/15/ the-biden-harris-administration-celebrates-the-contributions-of-dreamers-on-ten-year-an-

niversary-of-daca/#:~:text=DACA%20households%20have%20 significant%20spending,and%20 local%20taxes%20each%20year.

44. FWD, https://www.fwd.us/news/ daca-fix/ 45. U.S. Citizenship and Immigration Services, https://www.uscis.gov/ humanitarian/temporary-protected-status 46. FWD, https://www.fwd.us/news/ temporary-protected-status-tps-5things-to-know/ 47. FWD, https://www.fwd.us/ news/supporting-undocumented-students-2021-guide-for-college-and-university-educators/ 48. Congress.Gov, https://www. congress.gov/bill/117th-congress/ house-bill/3684 49. McKinsey & Company, https:// www.mckinsey.com/industries/ financial-services/our-insights/ banking-matters/new-trends-in-usconsumer-digital-payments 50. Pew Trust, https://www.pewtrusts. org/en/research-and-analysis/ reports/2020/02/how-states-areexpanding-broadband-access 51. Energy Star, https://www.energystar.gov/sites/default/files/ buildings/tools/SPP%20Sales%20 Flyer%20for%20Small%20Business. pdf

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2024 Pol i cy P l at form

29. Pew Research Center, https:// www.pewresearch.org/science/2022/06/14/hispanic-americans-experiences-with-health-care/

35. American Immigration Council, https://www.americanimmigrationcouncil.org/research/ new-american-fortune-500-2023

Un i te d S t ate s Hi s pan i c C h am b e r of Com m e rce

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